POWERED BY MOMENTUM MEDIA
Super funds are undermining climate commitments: Market Forces
Superannuation funds are squandering critical opportunities to force companies they invest in to step up on climate change, according to Market Forces analysis.
Will van de Pol, Market Forces asset management campaigner, said Market Forces had reviewed the voting records of the seven big super funds that had net zero commitments and who also disclosed their voting within days of an annual general meeting.
Active Super, BT Super, Cbus, HESTA, NGS Super, QSuper and Telstra Super populated the list.
“All but one of those funds voted against two or more key climate-related proposals in Australia since September,” van de Pol said.
“In fact, just 10 of the 32 votes identified were cast in favour of climate action. And given most funds haven’t even disclosed how they voted yet, climate voting records could be even worse across the broader superannuation sector.”
He said super fund members should demand for their super fund to vote for climate action on their behalf, with ANZ, NAB and Westpac all facing Market Forces backed shareholder votes urging them to stop funding expansion of the fossil fuel industry.
“All funds should vote in favour of these resolutions, especially those with their own net zero commitments,” he said.
“We have a chance to turn this around in the next few weeks. But we need to speak up now.”
Recommended for you
Governor Bullock took a more hawkish stance on Tuesday, raising concerns over Trump’s escalating tariffs, which sent economists in different directions with their predictions.
Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one of the companies’ fastest growing trustee services.
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
